For immediate release
A Transatlantic Angel Partnership:
Canada’s National Angel Capital Organization Signs Agreement
with European Business Angel Network
Toronto, July 7, 2009 – The National Angel Capital Organization (NACO) and the European Business Angel Network (EBAN), representing Angel investors in Canada and Europe, have signed a Memorandum of Understanding (MoU) that promotes exchanges of knowledge and best practices, as well as co-investment in larger growth opportuities, by Angels in these two jurisdictions.
This MoU follows the spirit of the Department of Foreign Affairs and International Trade’s (DFAIT) Global Innovation Strategy (GIS), which aims to provide international access to specialized knowledge, technology, talent and capital for innovative, growth-oriented firms.
On signing the MoU, NACO President W. Daniel Mothersill said, “This agreement follows the co-operative spirit shown by the recent opening of free trade talks by Foreign Affairs Minister Stockwell Day and European Union Trade Commissioner Catherine Ashton. DFAIT deserves our particular gratitude at this time, for their support of the Angel Co-Investment Meeting in San Diego where this Memorandum of Understanding was first proposed.”
EBAN Managing Director Claire Munck replied, “Across the globe, venture capitalists are retreating from critical but risky early-stage enterprises. In response, Angels worldwide must step up their investment of capital and mentorship in these pathfinding businesses. This agreement will support Angels’ work in the early-stage entrepreneurial space by affording them further opportunities for learning and for diversification.”
In addition to sharing information, the European and Canadian Angel organizations will exchange delegations and guest speakers for each others’ annual conferences, and will work together to develop bilateral contacts and common projects, such as Co-Investment Summits that present promising early-stage enterprises to Angel investors. This will help draw the Angel communities in Europe and Canada together, allowing them to serve as gateways to the vast markets of their respective continents.
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About Angel investors
Angel Investors are individuals who invest their own money in start-up companies, often providing business expertise that contributes to the success of young companies. Because Angel investors typically invest at an earlier stage of growth and provide more business guidance than venture capital providers, Angel investors are key players in generating high growth companies essential to regional economic development and Canada’s economic competitiveness.
About the National Angel Capital Organization
The NACO is the industry association representing Angel capital in all of its forms throughout Canada. NACO promotes a vibrant Angel community and culture through the development of formal Angel investor groups, best practices education and mentoring programs, and the formation of collaboration and co-investment mechanisms. Our mission is to increase the quantity, quality, and success of Angel investments in Canada, thus creating a greater pool of capital for innovative start-up companies.
About the European Business Angel Network
EBAN is the independent and non-profit European trade association for business angels, seed funds, and other early stage market players involved in bridging the equity gap in Europe. EBAN’s purposes include: representing the early stage investment market in Europe; researching the angel market to produce facts and trends; identification and sharing of best practices; promoting the role and visibility of business angel networks and early stage funds in Europe; and supporting the internationalization of the angel and early stage industry and movement.
Media Contacts
Claire Munck W. Daniel Mothersill
T: +32 2 626 20 61 T: 416-581-0009
E: claire.munck@eban.org E: dan@angelinvestor.ca
W: www.eban.org W: www.angelinvestor.ca
